Wild goose chase: The real worth of one rupee

Published: June 9, 2012

Rumours of gold in the one-rupee coin has people running from pillar to post to get ‘gold’ of their own. ILLUSTRATION: ESSA MALIK

SWAT: 

The one-rupee coin might be much more valuable than it seems, or at least that is what many in Swat have been led to believe. Rumours that the coins contain gold caused a stir in Swat Valley, with people clamouring to get their hands on it, some paying as much as Rs50 to Rs100 for a single coin.

“I bought some coins for Rs60 to Rs70 each, spending Rs5,000, and will sell them to a dealer on profit,” said Izhar, a resident of Amankot.

In Mingora Bazaar, people seemed to be in a rush. While some were buying the coins, others seemed more intent on selling and bargaining.

“In the morning, one coin was sold for Rs35 but later on the price reached Rs100. Some dealers have invested hundreds of thousands of rupees in the coins. But no one knows how and where to find an upper market,” said Samiullah, a shopkeeper.

This new surge has overwhelmed people of all ages. At their homes, women are busy collecting the coins, whereas children and men are on a blind hunt for the bronze-coloured coin.

“Since morning, hundreds of people have come to enquire about the one-rupee coins. They demand it even for Rs100. I don’t know if it’s worth it but I’ve set aside some 80 coins to sell on profit,” said Fazal Wahid a shopkeeper in Sethi Mills Mohallah.

This is not the first time that the rumour has swept the valley. Elders recall similar rumours in the past.

“I went bankrupt due to such baseless rumours back in 1970. Two men circulated 10-paisa coins in the market, claiming that they had gold in them. I spent thousands of rupees on the coins. But none of the dealers would buy them,” lamented Umar Ali, an elderly man.

Banks said that there is no gold in the coins and that people should refrain from such dealings.

Published in The Express Tribune, June 9th, 2012.

Reader Comments (16)

  • B.Ally
    Jun 9, 2012 - 7:18AM

    Fools Paradise

    Recommend

  • Jamal
    Jun 9, 2012 - 9:02AM

    hahahahah

    Recommend

  • Buner
    Jun 9, 2012 - 9:35AM

    In District Buner, one-rupee coin is sold on Rs. 1000…….

    Recommend

  • Bitter Reality
    Jun 9, 2012 - 10:07AM

    Buhahahahahahaha,,,,, Its has really made my day.

    Recommend

  • Amar Ali Khan
    Jun 9, 2012 - 10:59AM

    Oh so thats the dropscene…..i myself witnessed shopekeepers yesterday in Peshawer selling these coin @20 ruppess per coin……

    Recommend

  • @kaiserrizvi
    Jun 9, 2012 - 11:03AM

    HaHa
    Old 1Rupee coin competing with Dollar in pakistan

    Recommend

  • Realit
    Jun 9, 2012 - 12:15PM

    in countries where common people are bulldozed daily by the government, such incidents, to happen is not a big thing.

    Recommend

  • vigilant
    Jun 9, 2012 - 2:31PM
  • Pinky
    Jun 9, 2012 - 4:09PM

    but isnt this rumour a decade old?? i remember being told by someone that those (2 rupees) coins which featured clouds over the badshahi mosque, contained gold…..while i didnt hoard coins, it did strike me as a bit odd that some coins featured those 3 clouds, some didnt….
    different moulds i guess

    Recommend

  • Erphan maqsood
    Jun 9, 2012 - 7:16PM

    So sad…..! What kind of peopl the are?

    Recommend

  • Sabih Zafar Ullah
    Jun 9, 2012 - 8:25PM

    Isn’t this what capitalism all about?

    Recommend

  • Mj
    Jun 9, 2012 - 8:28PM

    “A fool and his money are soon parted”

    Recommend

  • Gosip
    Jun 10, 2012 - 8:51AM

    The rumor is now going through the whole country

    Recommend

  • come get some
    Jun 11, 2012 - 2:41PM

    I have around 900,000 coins of the same . and this gold rumor is right – i am gona get the gold out of it. :)

    Recommend

  • Adnan
    Jun 13, 2012 - 4:25PM

    old is gold

    Recommend

  • muzamil
    Jun 20, 2012 - 2:35AM

    @come get some: please read the 9th class book again.(so many suspicious scientists spend their whole lives to get gold from other metals but they did not achieve their goal)we can not make gold from other metals.some things are not in human,s hand.Recommend

More in KP & FATA